Revitalizing a Consumer Segmentation
Our client, a large insurance provider, had conducted and implemented a consumer segmentation study three years earlier. Rather than create an entirely new segmentation, the firm sought to validate and update the existing framework, adding in levels of understanding for the current market environment.
We first updated the prior segmentation survey to reflect new dynamics in the marketplace (including digital, mobile, new products, and changes in the economic environment). The new survey was fielded among 4,500 consumers. After data collection, we rigorously tested and analyzed the prior segmentation model to see if it was still valid and relevant to the business.
Our research revealed that the prior segmentation solution was still relevant but that the sizing of each segment had evolved due to better economic conditions. Our depth and strategic segment profiles enabled the firm and its agency to develop robust messaging and marketing strategies against each segment.